NORTH VANCOUVER, BC, Aug. 20, 2014 /CNW/ - Grandfield Pacific Inc. today released the financial results for the fourth quarter and the year ended April 30, 2014.

For the year ended April 30, 2014The net loss for the year ended April 30, 2014, is $55,003 as compared to net loss for the previous year of $45,501. The change is related to less of a recovery of income tax. The net loss before income tax for the year ended April 30, 2014, is $55,484 as compared to net loss for the previous year of $57,872.

As in previous years the company did not have an active business and the source of revenue is limited to the interest earned on the investment of excess cash.

Summary of results for the year:

For the Year Ended April 30:

2014

2013

$

$

Total revenue (note 1)

11,025

11,705

Net income (loss)

(55,003)

(45,501)

Income (loss) per share, basic and diluted

(0.01)/(0.01)

(0.01)/(0.01)

Total assets

1,117,325

1,173,622

Note 1 - Total revenue includes management fee, interest and other income

For the quarter ended April 30, 2014

Net loss for the three-month period ended April 30, 2014, was $4,818, as compared to net loss from the same quarter ending in 2013 of $14,219. Administration and general expense decreased by $11,260 to $7,419 as compared to $18,679 for the previous year.

Summary of results for the quarter:

For the three months ending:

30-Apr-14

30-Apr-13

$

$

Total revenue (note 1)

2,601

2,855

Net income (loss)

(4,818)

(14,219)

Income (loss) per share, basic and diluted

0.00/0.00

0.00/0.00

Note 1 - Total revenue includes management fee, interest and other income